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Great Panther Announces Drill Results from the Urucum North Underground Project at the Tucano Gold Mine

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PR Newswire

VANCOUVER, BC, May 31, 2022

Drilling to be incorporated into an updated resource model for mine planning of the high-grade underground zones

This news release constitutes a "designated news release" for the purposes of the Company's prospectus supplement dated October 15, 2021, to its short form base shelf prospectus dated September 10, 2021.

TSX: GPR | NYSE American: GPL

VANCOUVER, BC, May 31, 2022 /PRNewswire/ - Great Panther Mining Limited (TSX: GPR) (NYSE-A: GPL) ("Great Panther" or the "Company"), a growth-oriented precious metals producer focused on the Americas, reports drill results for an additional 29 holes at the Urucum North ("URN") underground project at the Company's wholly owned Tucano Gold Mine ("Tucano") in Brazil. URN is the most northern of a series of open pits distributed along the 7-kilometre-long belt that hosts Tucano.

Surface diamond drilling focused on a zone of multiple plunging high-grade lodes beneath the URN open pit where underground mine development studies are advancing. The resource conversion drill program, which commenced in 2021, was completed in April 2022 and totalled 18,948 metres ("m") in 48 drill holes. Drill results from the first 19 holes were announced in a news release dated July 22, 2021. Highlights from the remainder of the drill program are presented below and significant intercepts are presented in Table 1.

Highlights (all intervals are estimated true mineralization widths)

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21URNDD028 2.5 m @ 5.80 g/t Au from 342 m
21URNDD028 3.8 m @ 4.71 g/t Au from 409 m
21URNDD049 3.9 m @ 7.65 g/t Au from 114 m
21URNDD051 3.0 m @ 4.65 g/t Au from 139 m
21URNDD053 3.7 m @ 6.20 g/t Au from 432.2 m

Great Panther Chair and Interim CEO, Alan Hair, commented: "The zones of deeper, higher-grade mineralization being delineated at Urucum North demonstrate the potential for additional production from these underground resources in parallel with open pit operations at Tucano. In addition to the Urucum North underground zone, exploration has identified several similar potential high-grade zones associated with other pits along the seven-kilometre belt, which may also support underground production and warrant additional drilling. Drill results from the Urucum North underground will be incorporated into an updated underground resource estimate."

Table 1: Significant intersections from drilling program (post-July 22, 2021)

Drillhole Number	Depth (m)	Interval (m)	Est. True Width (m)	Grade (g/t)
21URNDD021	467	2.0	1.1	6.06
21URNDD021	531.35	3.7	2.0	3.04
21URNDD022	217	2.0	1.2	8.38
21URNDD028	342	4.0	2.5	5.80
21URNDD028	409	6.0	3.8	4.71
21URNDD033	192	6.0	2.2	4.37
21URNDD033	235	3.3	1.2	10.40
21URNDD034	237	4.0	2.2	4.46
21URNDD035	265	3.0	1.4	6.06
21URNDD035	350.7	3.3	1.6	4.50
21URNDD036	253	2.0	0.8	11.20
21URNDD039	292	3.0	1.7	6.09
21URNDD046	486.8	2.0	1.2	5.86
21URNDD049	114	9.9	3.9	7.65
21URNDD051	139	5.8	3.0	4.65
21URNDD053	432.2	5.6	3.7	6.20

Notes:

Significant results are intersections that gave greater than 6 g/t Au*m (est. true width)
URNDD = URN diamond drilling
Grades over 2 g/t cut-off, max 2 m internal dilution
True widths are estimates based on current geologic knowledge but may vary after resource modelling. Drill hole inclinations vary between 55° and 75° and mineralization is sub-vertical. Intersection azimuths may be slightly oblique to the mineralized zones as a result of access constraints due to topography and pit development
Assays are first carried out by the Tucano Laboratory and all resource model assays are re-analyzed by the Certified SGS Laboratory in Belo Horizonte, Brazil. On receipt, following QA/QC approval, the SGS assays replace the Tucano assays in the resource database

Diamond drilling was primarily focused on the URN high-grade zone (HGZ1), which lies less than 100 m below the planned URN final pit shell. In addition to the HGZ1 lode, drilling also identified an additional four high-grade lodes, which are being incorporated into the mine plan for Tucano. These lodes are expected to allow access to ore during early stages of ramp development prior to reaching the HGZ1 zone. The URN gold resource comprises five parallel, tabular bodies with grades ranging from 2 to 121 g/t gold and true thicknesses that range from a minimum true mining width of 2 m to 7 m (Figure 1). The gold mineralization is associated with pyrrhotite and hosted in banded iron formation and calc-silicate units. High-grade ore shoots plunge 20-30 degrees to the north.

Drill samples are analyzed for gold by fire assay at Great Panther's onsite laboratory, with all samples to be included in the resource model re-analyzed at the certified SGS Laboratory in Belo Horizonte, where multi-element ICP analyses are also undertaken. The data is being modelled with updated mineralization and lithology wireframes being prepared for an updated resource model to support underground mine development planning.

Engineering studies for underground development at URN are currently in progress. The drilling plan and mine planning focus is on near-term development and production largely above the -200 masl level (Figure 1) and will result in access to the top of the main high-grade zone (HGZ1) as well as provide access for reserve drilling along deeper parts of the HGZ1 and sub-parallel lodes and further infill drilling on the deeper, sub-parallel, plunging high-grade zone, shown in Figure 1.

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